European Founders Fund Joins Bezos Expeditions as Key Investors
Funding Follows Record Breaking Year in 2006 for RFQs and Revenue
ATLANTA, Feb. 5 /Xinhua-PRNewswire/ -- MFG.com, Inc., the largest global online marketplace for the manufacturing community, today announced the closing of a round of funding by European Founders Fund (EFF), based in Munich, Germany. Existing investor Bezos Expeditions, LLC, led the round of funding. The funds will be utilized for MFG.com’s continued global expansion and the creation of innovative new online services for the manufacturing community.
"The manufacturing industry is one of the largest industries in the world, it is global by nature and highly fragmented," said Oliver Samwer, co-founder of the European Founders Fund. "MFG.com is bringing tremendous efficiency to the manufacturing industry and has garnered the all important critical mass that a marketplace requires to be successful. Our organization knows the marketplace business firsthand and looks forward to contributing our experience and expertise to MFG.com."
MFG.com also announced that for the year ending December 31, 2006, the Company saw a new record in the volume of manufacturing projects sourced through the online marketplace and recorded the highest sales and revenue in company history. Marketplace volume increased by 103% and revenue was up 97% from 2005.
"The Internet and the manufacturing ecosystem are both global and an online marketplace for the manufacturing industry won’t work on a localized basis," said Mitch Free, Founder & CEO of MFG.com. "2006 was a fantastic year for us with a lot of focus on creating a global foundation for us to build upon. With our acquisition of SourcingParts.com in Geneva, the establishment of a wholly-owned foreign entity in China, our new offices in Europe, and a strategic partnership in India, we are now a significant player in the most important buy and supply markets."
"I am pleased to have Bezos Expeditions and European Founders Fund as partners," continued Free. "Jeff Bezos and the Samwer brothers are highly successful entrepreneurs with hands on experience building large global online businesses. They invest their own money and bring a level of expertise and experience that pure financial investors just can’t offer."
The MFG.com online marketplace, which facilitates billions of dollars in manufacturing transactions annually, supports 10 languages and 12 currencies and has offices in Atlanta, Geneva, Shanghai, Paris and London.
About MFG.com
MFG.com is an online marketplace servicing the global manufacturing community. MFG.com instantly and intelligently matches sourcing professionals and engineers with suppliers who have the right expertise and capacity to manufacture parts and tooling on demand in accordance with their engineering drawings and CAD files. MFG.com’s on-demand service is consolidating the once-fragmented world of custom manufacturing into an efficient marketplace, enabling products to be sourced and built more easily, quickly, inexpensively, and at higher quality levels. For more information, please visit http://www.mfg.com
About Bezos Expeditions, LLC
Bezos Expeditions, a personal investment company of Jeff Bezos.
About the European Founders Fund GmbH
European Founders Fund GmbH is a highly selective investment company run by brothers Marc, Oliver and Alexander Samwer, with offices in Munich, Germany. The Samwers are the founders of eBay Germany (alando) and Jamba! (now part of News Corporation). The internet companies founded by the Samwers have achieved combined sales of more than euro 1 billion. They are entirely focused on investing in the equity of young technology companies, especially internet & wireless. The Samwers have direct experience in these segments and an extensive network of partners who bring significant value-add to their portfolio companies. With every investment, the Samwers aim to make a difference and to build enduring, significant companies.
